The Federal Government has selected Kuramo Capital Management to oversee its DICE Fund of Funds.
The deal, officially completed in Abuja on Tuesday, June 30, 2026, saw leadership from the Bank of Industry (BOI) and Kuramo Capital sign the asset management agreement for the initiative, which falls under the wider Investment in Digital and Creative Enterprises (iDICE) Programme.
This stands as a government-backed startup investment vehicle launched by an African nation, creating a fresh model for how the state funds local ingenuity.
The DICE Fund of Funds is structured with a target capitalisation of $170 million, with the Federal Government contributing an anchor commitment of $85 million through the iDICE Programme and Kuramo Capital mandated to raise equivalent matching capital from private sector investors.
The chair of the iDICE Steering Committee, Vice President Kashim Shettima, described the announcement as a defining moment for Nigeria’s youth.
The Vice President stated that the commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency, President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda.
The iDICE Programme is co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB).
Targeting young Nigerians aged 15–35, iDICE invests in skills and talent development, access to finance, and an enabling ecosystem for innovation and enterprise across all 36 states and the Federal Capital Territory.
This announcement builds on the momentum of iDICE’s first direct venture investment in November 2025, when the Programme committed capital to Ventures Platform’s VP Pan-African Fund II.
This was the first time in Nigeria’s history that the federal government directly invested in a private venture capital fund, attracting co-investors including the International Finance Corporation (IFC), British International Investment (BII), Standard Bank of South Africa, and Proparco.
The Bank of Industry, as the Executing Agency for iDICE, has been central to translating the Programme’s ambition into delivery through its institutional credibility, compliance with the standards of three multilateral co-financiers, and deep understanding of Nigeria’s enterprise landscape.
Dr Olasupo Olusi, MD/CEO of the Bank of Industry, underscored the significance of the occasion, noting that by investing in Ventures Platform’s Fund II and establishing the DICE Fund of Funds with Kuramo Capital, they are deepening the objective of upscaling Nigeria’s technology and creative sectors. He added that the Bank of Industry is proud to be the executing agency driving this historic investment into the hands of Nigeria’s innovators.
Kuramo Capital Management, founded in 2010 with offices in New York, Lagos, and Nairobi, has catalysed over $3.5 billion into African businesses and fund managers, supported more than 350,000 jobs, and invested directly and indirectly in over 130 companies across the continent. Wale Adeosun, Founder and CEO of Kuramo Capital, stated that the DICE Fund of Funds represents a landmark moment for Africa’s venture capital ecosystem, demonstrating that a government can be both a serious anchor investor and a credible market-builder.
He added that the firm is honoured to be entrusted with this mandate and committed to deploying every resource to raise the matching capital, invest wisely, and deliver returns that justify this historic confidence.
The Fund’s geographic mandate ensures capital reaches founders across all six geopolitical zones, including Kano, Enugu, Port Harcourt, Maiduguri, Plateau, and beyond, rather than just Lagos and Abuja.
It targets a net IRR of 20% and a net money multiple of 2.4x, structured with government capital as a 30% first-loss junior tranche to de-risk the structure and crowd in private co-investment.
Together, iDICE’s investments represent a structural transformation in Nigeria’s venture capital landscape, shifting the country from a market where early-stage founders depended almost entirely on foreign capital to one where the federal government is itself an active, committed investor in the ecosystem.
Source: The Sentinel
Image Credit: State House Digital
